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New MIC

How to join

Underwriting and submission of the legal documentation

a) All members

To join the Anonymous Collateralized section of the New MIC, the following needs to be filled in, underwritten and submitted as an original:

For e-MID SIM Spa: 

  • The Addendum 1bis to the e-MID Proposal for a User Contract – Anonymous Section Guaranteed in Euro – New MIC (2copies in original) 
  • The Service Request Form (2 copies in original) 
  • The e-MID’s New MIC Fee Schedule 

The submission should be by courier or first-class mail with return receipt is recommended.

For CC&G:

  • An Application for Services or, for those who are already members of the CC&G clearing and guarantee service, a Simplified Application for Services 
  • A Membership data form 
  • A copy of the statement of the member’s consolidated or, where not applicable, individual supervisory capital, using the form provided by the relevant supervisory authority 
  • For members using their own PM account in “TARGET2” , the “Target2 Static Data-Debit mandate for AS settlement” of the European Central Bank, available from the www.ecb.eu, website, which authorises CC&G to debit the Member’s PM Account in the Target2 System, for both testing and production. Note that this form must be completed and sent only by members of the New MIC service that have not already subscribed it as members to Central Counterparty activities. The form should nevertheless be sent if it is intended to use a PM account other than that used for settlement of margins of Central Counterparty activities. 

b) Indirect members and the Agent Banks on Target2 (Trustee of Automatic Agent Banks, as per Section’s Regulation)

Further to the above-mentioned documentation at point a), the members availing themselves of a third party for the Target2 settlement shall fill-in, underwrite and return in original to:

For e-MID SIM Spa:

  • The agreement between the Automatic Indirect Settler and the Agent Bank for the “Anonymous Section Guaranteed in Euro – New MIC”

For CC&G:

  • Agreement between the member of the New MIC guarantee system and the settlement agent 
  • The agent bank must provide the “TARGET2 form for collection of “Static Data-Debit mandate for AS settlement” of the European Central Bank, available from the www.ecb.eu website, which authorises CC&G to debit the Member’s PM Account in the Target2 System, for both testing and production. This form must be completed and sent only by Agent Banks for the New MIC service that have not already subscribed as Agent Banks to Central Counterparty activities. The form should nevertheless be sent if it is intended to use a PM account other than that used for settlement of margins of Central Counterparty activities.

Approval of admission

e-MID SIM Spa verifies possession of the requirements for membership of the section and returns a copy of the Addendum to the e-MID User Contract, duly countersigned in acceptance of the membership application.

The documentation for e-MID may be sent in advance by Fax (+39 02 30345345) or by email (sales@e-mid.it) and then sent in original to:

e-MID SIM S.p.A.Direzione Vendite e Marketing
Via Gaetano Giardino, 1
20123 Milan

CC&G verifies the compliance to the requirements for the membership to the section and notifies the member of the outcome o the membership application.

The documentation for CC&G may be sent in advance by Fax (+39 06 32395267) or by email (client.services@lseg.com) and then sent in original to:

CASSA DI COMPENSAZIONE E GARANZIA S.p.A.
Membership, Product & Service Development
Piazza degli Affari, 6
20123 Milan

With regard to the documentation for admittance to e-MID, you can refer to the section “e-Markets – New MIC” on the e-MID website (http://www.e-mid.it/new-mic.html) and contact sales@e-mid.it or the phone number +39 02 30345300.